← Autodidact Archive · Original Dissent · heritagelost
Thread ID: 12205 | Posts: 2 | Started: 2004-02-07
2004-02-07 23:17 | User Profile
In the past two years the Euro has gone from $.80 tp $1.26
The sliding dollar is prompting international concern. If Bush doesn't start pumping cheap OPEC free Iraqi oil in America soon, were screwed.
[url]http://news.yahoo.com/news?tmpl=story&u=/ap/20040207/ap_on_bi_ge/money_summit_1[/url]
BOCA RATON, Fla. - The United States and its allies resolved sharp differences over how to manage the falling dollar, agreeing on a compromise that tempered the flexibility supported by the United States.
The deal came at the end of two days of contentious talks among the world's wealthiest countries over the best approach to take to deal with the dollar. It has slumped to record lows in recent weeks against the euro, the common currency of 12 European countries.
The United States, Japan, Germany, France, Britain, Canada and Italy also endorsed efforts to bolster global growth and support economic reconstruction in Iraq (news - web sites) and Afghanistan (news - web sites).
On the dollar, the United States had fought to retain an endorsement of flexibility in exchange rates that the Group of Seven nations had made at its September meeting.
Currency traders have interpreted that word as indicating a green light to allowing a continued fall in the dollar's value. The Bush administration supports that development as offering a way to increase U.S. exports and deal with the loss of 2.8 million U.S. manufacturing jobs over the past 3 1/2 years.
European countries are alarmed that the dollar's steep decline could cut sharply into sales by European companies. They sought language in the final communique warning against "abrupt changes" in currency rates
2004-02-07 23:33 | User Profile
[QUOTE=heritagelost]Currency traders have interpreted that word as indicating a green light to allowing a continued fall in the dollar's value. The Bush administration supports that development as offering a way to increase U.S. exports and deal with the loss of 2.8 million U.S. manufacturing jobs over the past 3 1/2 years. [/QUOTE]
Should read: "...a way to increase [B]what's left of[/B] U.S.exports [B]after the Bush chainsaw massacre[/B] of 2.8 million manufacturing jobs..."
So what exports does the Bush Reich mean, exactly? My neighbor keeps track of all sorts of trivia and notes that the price of tickets for U.S. movies, in real terms, has dropped in Tokyo, Bombay and Sydney.
Oh, those exports, the ones that employ .0002 percent of the American population. Yeah, they remain competative. So I got a government committed to the full employment of Brittany Spears and Janet Jackson but not anyone who actually works for a living. Thanks, Bush.